Empire State Index Climbs in April

Written by Sandy Williams

New York manufacturers had a robust month in April with new orders and shipments accelerating. The Empire State Manufacturing general business index rose 9 points to 26.3, its highest level in more than two years.

New orders soared nearly 18 points to 26.9 and the shipments index climbed to 25.0. Delivery times continued to lengthen, surging 17 points to 28.1 and setting a new record. Unfilled orders jumped 17.2 points to 21.2, indicating longer lead times. Inventories climbed a modest 3.5 points.

Prices paid rose to the highest level since 2008, gaining 10 points to register an index reading of 74.8 and indicating higher input prices. The prices received index was also at a record high, jumping 11 points to 34.9 for its fastest pace in more than 20 years.

The employment index jumped five points and the average workweek hours edged up slightly.

Manufacturers were optimistic about future business conditions, with both new order and shipment indices above 40 for the month, said the New York Federal Reserve. Prices are expected to increase along with employment levels.

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